Fri, 13 Dec 2013 | BUSINESS SALE
Blockbuster's stock sale will be winding up over the next few days as the company looks set to essentially disappear from the high street by the year.
The video and DVD rental chain entered administration back in October following a period of poor trading performance across both rental and retail sales.
Unfortunately, administrators at Moorfields Corporate Recovery have been unable to find a buyer for the distressed business since they were appointed. As a result, the business has slowly been sold off and closed down.
Now the final 91 stores in the firm's portfolio are to be shut down by end of the year unless a last minute buyer emerges.
Sky News reported that a stock sale is on the cards with discounts of around 70 per cent expected, although some stock will be reduced by as much as 90 per cent. Rentals from the shops will be stopped as this takes place.
Simon Thomas and Nick O'Reilly, Blockbuster's joint administrators, commented on the state of the business: “It is with regret that we have to make today's announcement, we appreciate this is a difficult time for all concerned and would like to thank staff for their professionalism and support over the past month.
“Unfortunately, we were unable to secure a buyer for the group as a going concern and as a result had to take the regrettable action to close the remaining stores.”
Blockbuster had been operating in the UK for nearly 25 years after it was brought over as a concept from the US when VHS players became popular. However, in recent years companies like LoveFilm and Netflix proved significant competition and the firm was unable to catch up fast enough to stay in the game.
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Related information:
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